New races in 'destination cities' are a key part of the ambition of F1's new owners Liberty Media to reshape the sport following their removal of long-time boss Bernie Ecclestone last year.

They are targeting events in key markets such as the US and Asia, and races in Miami and Vietnam are among those that have been mooted.

Media playback is not supported on this device

‘Vettel was like Tyson biting Holyfield’s ear’

The Copenhagen project is being backed by a consortium led by former minister Helge Sander and Lars Seier Christensen, co-founder and former chief executive of online trading platform provider Saxo Bank.

"They don't just see it as Copenhagen but as all of Scandinavia which is a potential market for them," Christensen said.

He added that the potential budget was 300-500m Danish krone (£35.7m-£59.5m) a year, while the expected income from spectators including tickets is 1-2bn Danish krone (£119m-£238m).

If the race comes off, it would be the first grand prix in Denmark. The last race in Scandinavia was the Swedish Grand Prix, which was held at Anderstorp from 1973-78.